Former Credit Union CEO Pleads Guilty to Embezzlement

A Saginaw man accused of embezzling more than $710,000 from a credit union during his time as its CEO has pleaded guilty. Michigan Attorney General Bill Schuette’s office said 45-year-old Stanley Hayes will be sentenced April 4 after his guilty plea Monday in Saginaw. He was charged with 13 felony counts, including nine counts of embezzlement.

Hayes was fired in 2016 as CEO of Valley State Credit Union in Saginaw Township, the same year state officials declared it in “unsafe and unsound condition” and placed it into a conservatorship.

Hayes had been CEO of the credit union from 2005 until he was fired in 2016. Prosecutors say Hayes used money embezzled from the credit union to pay personal expenses including insurance, property taxes and travel.